Wall Street focuses on upcoming inflation and retail sales reports amid Fed rate hike expectations.

Wall Street is closely watching the upcoming U.S. consumer price index (CPI) and producer price index (PPI) for July, expected on Wednesday and Thursday respectively, with economists anticipating inflation to remain above 3%. The U.S. retail sales report for July, due Friday, will provide further insights into consumer spending. The Federal Reserve is reportedly monitoring inflation's direction and is expected to raise interest rates before year-end to curb rising costs.